Q3 2015 Innovation Monitor Presented by i3 Contents Industry Trends Top Venture Deals & Corporate Investors Sector Highlights Exits: IPO + M&A Highlights Contents Industry Trends Top Venture Deals & Corporate Investors Sector Spotlights Exits: IPO + M&A Highlights As Industry Matures: Increasing Investment, Sliding Volume Global Cleantech & Mobility Services Venture Capital Investment $ Billions, Deal Volume Powered by Data From i3 4 Average Deal Size Continues Rebound from 1Q2013 Average Round Sizes in Clean Technology Venture Capital $ Millions *Mobility Service deals excluded Powered by Data From i3 5 N.A. takes 76% of investment w/ CA making up 36% of deal volume Global 2015 YTD Cleantech Venture Capital Investment Top Geographies by Deal Volume Asia Pacific 5.6% EU & Israel 18.6% 75.9% North America *Mobility Service deals excluded Powered by Data From i3 6 Corporate participation at all time highs Corporate Deal Volume, % of Total Deals w/ Corporate Participation *Mobility Service deals excluded Powered by Data From i3 7 Corporate investment totals $1B for first time since 2Q14 Annual Cleantech Venture Capital Investment with Corporate Participation Billions, Deal Volume *Dollar totals inclusive of co-investors, excludes mobility services Powered by Data From i3 8 Sector Shares of Cleantech Venture Capital (Deals) *Excluded sectors include: nuclear, wind, geothermal, and others Powered by Data From i3 9 Contents Industry Trends Top Venture Deals & Corporate Investors Sector Spotlights Exits: IPO + M&A Highlights Top 3Q15 Cleantech Venture Deals Company Description Round Size Investors New Zealand Superannuation Fund, Madrone Developer of electrochromic glass $150M Capital Partners, Corning Developer environmental health and $123M HarbourVest, JMI Equity safety software Manufacturer of high quality solar $105M Hudson Clean Energy Partners silicon Developer of continuous liquid Google Ventures, Yuri Milner, Silver Lake, Sequoia $100M interface prototyping systems Capital, NorthGate Capital, Reinet Investments Developer of a clothing recycling and Goldman Sachs, Trinity Ventures, Upfront $81M reselling platform Ventures, Repoint Ventures, others Hudson Clean Energy Partners, Tiger Provider of residential solar loans $80M Infrastructure Partners Provider of customized on-site O&G $80M Harbert Power power generation solutions Project finance provider for $60M Undisclosed commercial efficiency retrofits Developer of cloud-based recycling Goldman Sachs, Wellington Management, Nima $50M solutions Capital, Henry Kravis Provider of software and vehicle Insight Venture Partners, Ireland Strategic $50M technology to the recycling sector Investment Fund 11 Top corporate investors in 3Q15 Corporate Investments (values inclusive of co-investors) $67M $60M $11M $8.6M $1.5M N/A N/A $82M $36M $33M $25.5M $5M $18M $5M N/A 12 Contents Industry Trends Top Venture Deals & Corporate Investors Sector Spotlights Exits: IPO + M&A Highlights Investor $ flowing to on-demand mobility services Global Transportation & Mobility Services Venture Capital Investment $ Billions, Deal Volume Powered by Data From i3 14 Energy Storage investment reaches 4 year high Global Energy Storage Venture Capital Investment $ Millions, Deal Volume Powered by Data From i3 15 Ag & Food investment slows from record highs Global Agriculture & Food Venture Capital Investment $ Millions, Deal Volume Powered by Data From i3 16 IoT firms draw funding to scale up infrastructure Global Venture Capital Investment in IoT Start-ups $ Millions, Deal Volume Powered by Data From i3 17 Rapidly growing interest in Robotics start-ups Global Venture Capital Investment in Robotics Start-ups $ Millions, Deal Volume Powered by Data From i3 18 Contents Industry Trends Top Venture Deals & Corporate Investors Sector Spotlights Exits: IPO + M&A Highlights 3Q15 Cleantech M&A Highlights Acquirer Target Deal Size/PIC Venture Backers $5.1B - N/A $2.2B - N/A $330M DBL Investors, Sigma Partners, SJF $33M Ventures, Tennenbaum Capital Aster Capital, Demeter Partners, TechFund $222M Europe, Lazard Asset Management, others $33M $161M Oxford Capital Partners, East Hill $33M Management Scottish Equity Partners, Intel Capital, $70M Braemar Energy Ventures, others $36M $44M - N/A 20 2014 Cleantech M&A Highlights Acquirer Acquired Deal Size/PIC Venture Backers Google Ventures, KPCB, Lightspeed Venture $3.2B Partners, Generation I.M., Point Judith $132M Capital, Shasta Ventures, InterTrust - $2.4B Khosla Ventures, Bessemer Venture $500M Partners, Canaan Partners, Norwest $91M Venture Partners $350M GSR Ventures, New Margin Ventures, DT $80M Capital Partners $335M Insight Venture Partners N/A BASF Venture Capital, Khosla Ventures, $200M Total Energy Ventures, Oak Investment $85M Partners, CalPERS, PCG Asset Management SV Angel, First Round Capital, Lerer Hippau $200M Ventures, CrunchFund, A-Grade $16.7M Investments, Greylock Partners, others 21 2015 YTD Cleantech IPO Highlights Company Description Market Cap Pre-IPO Investors Foundation Capital, Accel Partners, Sequoia Residential solar company $1.08B NASDAQ Capital, Madrone Capital Partners Manufacturer of solar GE Ventures, Lightspeed Venture Partners, system power components $935M Norwest Venture Partners, Genesis Capital, NASDAQ others First Solar & SunPower joint $914M - 8Point3 yield-co NASDAQ Smart home services $578M Vilmorin, BASF Venture Capital, Saints provider NASDAQ Capital, Mandala Capital, Exeter Life Sciences Producer of woody biomass $328M Riverstone/Carlyle Renewable Energy pellets and fuels NYSE Partners Climate resistant crop trait $129M Vilmorin, BASF Venture Capital, Saints developer NASDAQ Capital, Mandala Capital, Exeter Life Sciences 22 2014 Cleantech IPOs Company Description Market Cap Pre-IPO Investors Blackstone Residential solar system installer $1.2B Subsequently bought by SunEdison post-IPO Qiming Venture Partners, Ignition Partners, China-based cleanweb car CDH Investments, Goldman Sachs, New services provider $885M Access Capital Customer engagement and NEA, KPCB, Accel Partners, New Cycle billing analytics SaaS $489M Capital, MHS Capital Partners developer for utilities High-performance LED Investissements W2, Fonds de solidarite FTQ manufacturer $321M RockPort Capital Partners, Lehman Brothers, Developer of advanced ATEL Ventures, Taijin Corporation, Tae Kwang aerogel insulation products $191M New Tec, Reservoir Capital, BASF Venture Capital, Fidelity Investments Credit Suisse, SSE Ventures, Altima Partners, Artemis Global Energy, Government of Fuel cell developer $182M Singapore Investment Corporation 23 .